Expanding Across Europe
B2B payments fintech Mondu has secured €30m in funding from Vereinigte Volksbank Raiffeisenbank (VVRB) as part of its expansion plans for 2024. This new round of debt financing follows a previous investment of €20m from VVRB in 2022. Since its launch in October 2021, Mondu has raised over €115m in funding. The Berlin-based company, known for its ‘buy now, pay later’ solution, entered the UK market in March 2023 and is currently available to businesses in Germany, Austria, the Netherlands, Belgium, and France. With the new funds, Mondu aims to strengthen its presence in the European market and develop additional payment solutions for its business customers.
A Commitment to Innovation
Mondo co-founder and co-CEO Philipp Povel expressed enthusiasm about the funding, stating that it will significantly enhance their European expansion plans and enable them to provide more value to their business customers. The fintech firm has been experiencing notable growth, expanding its BNPL product offerings and forming strategic partnerships throughout the year. In late 2023, Mondu partnered with UK payments specialist Acquired.com and leading fintech Mangopay. The additional capital from VVRB will support Mondu’s ongoing growth initiatives and allow them to intensify their expansion efforts across Europe.
Support from VVRB
Ralf Magerkurth, CEO of Vereinigte Volksbank Raiffeisenbank, expressed confidence in Mondu’s business model and its potential for growth. He emphasized the bank’s commitment to supporting Mondu’s expansion plans beyond Germany and Austria, further solidifying their partnership. Magerkurth believes that Mondu’s vision and capabilities will reshape the B2B BNPL ecosystem in Europe. VVRB’s investment in Mondu demonstrates their belief in the fintech firm’s future success and their determination to contribute to the transformation of the industry across the continent.